August Market Stats

Sales of single-family homes in August board-wide dipped by 11 percent year over year and were nine percent lower than in July.

Last month, 413 single-family homes sold on the MLS® System compared to 453 in July and 463 in August 2018. Year-over-year sales of apartments dropped by 28 percent and 25 percent, respectively.

REALTORS® are reporting that VIREB’s housing market is adjusting somewhat as buyers adapt to the restrictions imposed by the B-20 stress test and sellers curb the expectations formed during the booming markets of 2016, 2017, and part of 2018.

The benchmark price of a single-family home was $515,400 in August, a three percent increase from one year ago and up slightly from July. In the apartment category, the year-over-year benchmark price also rose by three percent, climbing to $302,800. The benchmark price of a townhouse rose by five percent board-wide, hitting $417,300 last month.

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